3M reports sales growth on strong US dollar

11:03 AM MDT | April 25, 2013 | Lindsay Frost

A strong US dollar and sales growth in its healthcare and industrial segments led to modest first quarter gains for 3M, according to their earnings released today. Net income increased 1% year-on-year (YOY), to $1.13 billion with earnings per share reaching $1.61/share—down from analyst estimates of $1.65/share, as reported by Thomson Reuters (New York). The company reported first-quarter sales of $7.6 billion—up 2% YOY. “We achieved record first-quarter sales and solid operating margins in the face of a low-growth economic environment and the...